AS a sequel to the IRS plea to a Federal District Court, seeking
authorisation for making a request to the HSBC India for details of accounts of
American citizens, here comes the news that an Indian-American businessman has
pleaded guilty to tax evasion by hiding his bank accounts in HSBC
India.
The
NRI who faces a maximum sentence of five years in prison and a USD 2.5 lakh
fine, has agreed to pay a 50 per cent civil penalty for failing to file reports of foreign
bank or financial account related to his undeclared bank accounts for the
calendar years 2004-2009, during which the accounts had the highest
balance.
According to documents filed, the non-resident Indian was helped by five
HSBC employees in concealing his accounts in India in order to avoid paying
taxes in the USA. The taxpayer is lerant to have admitted that from 2001 through
2010, he maintained undeclared bank accounts in India that he failed to report
on his federal income tax returns.
|
